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March 13th, 2009 2:53 PM by David W. Welch
I should be closing a transaction today, but we have a few hiccups with the condo association management company. We are waiting on the financial statements and a final HUD. I'll be sitting by my computer, checking my e-mail all afternoon. Keep your fingers crossed. I have another one next week that is pretty much in the same status except there is a mortgage involved adding just a little more complexity.
For years banks have been trying to get into the real estate business, and I can think of no better argument than the current situation against that ever happening. Inefficient does not begin to describe what we are dealing with to get bank owned properties closed. If you read my post yesterday about short sales, that is another story completely. Inefficient does not begin to describe it.
David Welch, Real Estate Optimist